Rent The Runway announces corporate debt restructuring

Rent the Runway announced that it has amended its credit facility with the existing lender and administrative agent, as noted in our disclosed regulatory filings. The amended facility extends the maturity date from October 2024 to October 2026, reduces cash interest payments, and amends certain other terms. The combination of the extended maturity and reduced cash interest payments, totaling over $20M in cash during the next two years, provides significant strategic flexibility, strengthening Rent the Runway’s financial profile, cash flow trajectory and ability to fund profitable growth. "We are thrilled to close Rent the Runway’s 2022 fiscal year with this important milestone, yet another proofpoint of our commitment to balancing robust growth with profitability. The Amended Facility significantly improves our credit position and cash interest obligations over the next several years, and, we believe, bolsters our path to free cash flow profitability in the medium term," said Scarlett O’Sullivan, CFO of Rent the Runway.